Crypto derivatives exchange platform BitMEX is restricting access to its services in Seychelles, Hong Kong and Bermuda, citing security reasons.
BitMEX publicly stated in a post on August 19 that this was part of the company’s goal to legitimize cryptocurrency exchanges through audits and regulations. “We believe fervently in these goals,” the post stated. “And we understand that nothing is more sacred than the safety of your funds and the stability of the platform.”
The company was founded in Mahé, Seychelles in 2014. Nevertheless, it is now adding its home turf as well as the other two territories to its list of restricted jurisdiction. “This change will have no financial impact on the business and will affect very few people,” the statement said. “The BitMEX team will be reaching out to those who are affected.”
The list of restricted jurisdiction already includes the US, the province of Québec in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan.
Recently, BitMEX faced complaints regarding an ad. The British Advertising Standards Authority (ASA) announced in mid-August that it had upheld the complaints, barring the business from using the ad again. The ad was accused of not being clear about the risk of trading with Bitcoin.
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